The Russia international has been out of favour at Arsenal for some time and Serie A giants Lazio plus several Russian clubs are understood to have rejected the chance to sign the player this month.

And McDermott insists that Reading, who have been strongly linked with a move for Arshavin because of the influence of the club’s Russian owner Anton Zingarevich, are not likely to offer him a way out of Arsenal this month.

“It’s one that I’ve heard many times,” he told Sky Sports. “He’s an Arsenal player. I don’t think he will be a Reading player.”

He added: “We haven’t broken the bank, I certainly haven’t in the last three years and we probably haven’t in the last 12 years as a club.

“That’s not to say that if a player came in that we felt was right for us, at the right cost, then the owner would have to make a decision to back that deal. Then we will wait and see. It’s not a case of we wouldn’t if it was right.”

Arshavin joined the Gunners with much fanfare after a successful Euro 2008 but has often flattered to deceive in North London and, barring a four-goal haul against Liverpool at Anfield and the odd fine display in the Champions League, he has rarely produced for Wenger’s side.

The former Zenit St Petersburg man, who spent the second half of last season back on loan at the Russian club, is reportedly on wages of £90,000 per week and Wenger is believed to be desperate to offload the player to free up much-needed funds.

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